--- title: "Cornish Metals secures £135 million fundraising backed by Glencore to develop South Crofty tin mine" publisher: "Share Talk" author: "sharetalk" published: "2026-10-22T15:55:00+00:00" modified: "2026-10-22T15:55:00+00:00" date: 2026-10-22 canonical: "https://www.share-talk.com/cornish-metals-secures-135-million-fundraising-backed-by-glencore-to-develop-south-crofty-tin-mine/" category: "Mining" categories: ["Mining"] tags: ["Bartles Foundry workshop", "Cornish Metals Plc", "Cornwall", "Don Turvey", "South Crofty tin project", "Tin", "United Kingdom"] image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/10/25acc2d1-ed1e-4410-ad12-ae3d685a8c11.png?fit=1727%2C911&quality=80&ssl=1" format: "news" language: "en-GB" --- # Cornish Metals secures £135 million fundraising backed by Glencore to develop South Crofty tin mine **Published:** October 22, 2026 **Author:** sharetalk **Categories:** Mining **Tags:** Bartles Foundry workshop, Cornish Metals Plc, Cornwall, Don Turvey, South Crofty tin project, Tin, United Kingdom **Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/10/25acc2d1-ed1e-4410-ad12-ae3d685a8c11.png?fit=1727%2C911&quality=80&ssl=1) --- [Cornish Metals plc (AIM: TIN)](https://www.investegate.co.uk/announcement/mfn/cornish-metals-plc--tin/result-of-fundraising/9835541) has successfully secured commitments for a[£135 million fundraisi](https://www.share-talk.com/cornish-metals-launches-135m-fundraising-backed-by-glencore-to-advance-south-crofty-tin-mine/)ng to advance its South Crofty tin mine in Cornwall towards first production in mid-2028, with major backing from the National Wealth Fund, Vision Blue Resources and commodities giant Glencore. The company confirmed that **225 million new ordinary shares have been conditionally placed or subscribed for at 60 pence each**, raising £135 million before expenses through institutional subscriptions, a placing and a retail investor offer. The financing includes **£41.7 million from the National Wealth Fund and £39.3 million from Vision Blue Resources**, reinforcing the support of two of Cornish Metals’ largest existing shareholders. **Glencore has committed approximately £11.2 million**, alongside a separate six-year agreement to purchase South Crofty’s future tin concentrate production, while investment vehicle Leonidsport has subscribed for £13.4 million. The fundraising also attracted strong retail investor interest, with **£6 million raised through the retail offer**, alongside £20.4 million from the institutional placing and £108.6 million through subscriptions. **Chief Executive Don Turvey** welcomed the result, saying the financing package would support construction of South Crofty through to first tin production, currently targeted for mid-2028. He highlighted the continued backing of existing shareholders and the addition of Glencore and Leonidsport as important endorsements of the project’s development strategy. The funding will support mine development, infrastructure construction and procurement of long-lead equipment as Cornish Metals works towards re-establishing commercial tin production in Cornwall. **The £135 million equity raise is also critical to accessing previously arranged Nordic bond financing**, which requires the company to complete an equity fundraising of at least US$161 million by 21 November 2026. The company has warned that failure to secure shareholder approval for the fundraising could prevent it from accessing the bond proceeds and create serious financial difficulties. **A General Meeting is scheduled for 9 November 2026**, when shareholders will vote on resolutions required to complete the transaction. The National Wealth Fund, Vision Blue Resources and company directors have provided irrevocable commitments to support the resolutions, together representing **57.95% of Cornish Metals’ existing issued share capital**. Following the fundraising, the National Wealth Fund is expected to hold approximately **29.50% of the company**, while Vision Blue Resources will hold around 28.58%, subject to the final enlarged share capital. The transaction also includes arrangements to convert principal and accrued interest under existing National Wealth Fund and Vision Blue financing facilities into equity, simplifying part of the company’s debt structure. **Normal trading in Cornish Metals’ existing shares was scheduled to resume on 22 October**, following the closure of the Capital Access Window established during the fundraising process. Subject to shareholder approval, the new shares are expected to begin trading on AIM on or around **10 November 2026**. **For investors, the successful £135 million fundraising represents a major financing milestone for South Crofty**, bringing the company closer to securing the capital required for mine construction and its targeted 2028 production timetable. However, the transaction remains conditional on shareholder approval, and the issue of 225 million new shares will dilute existing shareholders who do not participate. **Attention will now turn to the 9 November shareholder vote, satisfaction of the Nordic bond financing conditions and continued construction progress at South Crofty**, as Cornish Metals advances plans to restore tin production in the UK. --- **Original URL:** https://www.share-talk.com/cornish-metals-secures-135-million-fundraising-backed-by-glencore-to-develop-south-crofty-tin-mine/ *Created by [WP Markdown Endpoint](https://wpmarkdownendpoint.com/)*